Bitcoin, the largest cryptocurrency by market cap, recorded a massive high, with the coin reaching its highest point since August 2018. According to CoinMarketCap, Bitcoin was trading at $8056.68 with a market cap of $142 billion, at press time. The 24-hour trading volume of the coin was around $34 billion and the coin witnessed a significant rise of over 12 percent over the last 24 hours, at press time.

On the rise from $6000 to over $8000 within a matter of days, Kling said that there have been several Bitcoin-specific positive catalysts since February 2019. These included announcements such as the JP Morgan Coin, Facebook Coin, a report by Cambridge Associates suggesting that institutional investors had to look at this investment class, and Jack Dorsey’s bullish sentiment towards the coin.

He went on to state,

“[…] TD Ameritrade, for example, they are preparing to give their customers the ability to buy Bitcoin on the TD Ameritrade platform. eTrade is doing something similar, Fidelity is on-boarding their first institutional clients for their Bitcoin custody product right now. You’ve got Bakkt coming at the end of the year, Nasdaq coming […]”

Kling further added that there was news surrounding monetary and fiscal policies with central banks and governments globally. This in turn, has made it “much more attractive to own an insurance policy against irresponsibility” from these bankers and governments.

“So, specifically for the Bakkt announcement, they haven’t launched their product yet and […] there’s a good chance that that product is going to be sort of about a year after when they initially said it was going to come down the pipe; as opposed to Fidelity and TD Ameritrade and eTrade, which kind of real time like right now positive catalyst.”